Autonomous Bougainville President Claims for „New Deal“:Panguna must be opened!

On November 10th, 2011 all major local stakeholders in the abandoned Panguna Mine met in Buka for a meeting of the Panguna Management Consultative Committee. This has been further important step towards re-opening the giant Panguna mine.

Unfortunately not all Bougainvilleans do understand the island’s situation in general yet: The debts of the Autonomous Region of Bougainville and its government (ABG) are already exceeding 1 billion Kina now. This means round about a K5,000 debt per each Bougainvillean head – babies and grandmas included! Such a huge amount of money can only be paid back from giant income. Only professional mining operated by a big company can earn this – copra, cocoa or tourism alone cannot afford this. That’s for sure.

Brief: Bougainville’s financial situation is absolutely desperate and even gets worse every day! Bougainville’s President John Momis knows this very well: “It is for this very reason that as leaders we all must forge ahead together and deal with tough issues and make tough decisions. Panguna mine must be opened!”

Bougainvilleans should be very happy that Rio Tinto and Bougainville Copper Limited (BCL) are still interested in resuming mining on the island. Running one of the biggest copper mines in the world is absolutely not a job for people without any skills. In so far all Bougainvilleans – ABG, Landowners and Me’ekamui – should be extremely interested in sustainable co-operation with experienced mining companies like Rio Tinto and BCL who are able to provide modern and environmental caring mining on the ground.

But, if there should not be legal security for BCL on the ground, the ESBC will not accept any investment of 6 billion Kina into Panguna operations! In this case the ESBC would claim to sell-off BCL to Chinese or other interested investors. ESBC President Axel G. Sturm says: “Don’t forget: This represents an investment of 30,000 Kina per Bougainvillean head. BCL is ready to shoulder this although they lost more than billion Kina due to the Bougainville Crisis that – as you know – was mainly caused by discord amongst locals.”

Mr. Sturm: “I think that it’s extremely generous of BCL to maintain its fidelity to Bougainville and its citizens and to provide support more than two decades of non-earning one single Kina.” Mr. Sturm appeals to all Bougainvilleans to stand unanimously together: It’s encouraging that all local stakeholders and Me’ekamui get together to finally resolve their problems of the past!”

Further important quotations:

Mr. Blaise Iruinu-Chairman, PMCC:

Emphasized “ that the much talked about re-opening of Panguna must at the first instance address the developmental needs of the major stakeholders of Panguna mine lease areas"

Hon. Michael Oni MHR, Minister for Natural Resources (Mining):

"the Autonomous Region (has to) move forward to develop economically to be able to meet one of the requirements of BPA, i.e. the region must be able to sustain itself economically in its move towards Referendum in year 2015.” He emphasized “that PMCC is made up of major stakeholders that have one way or the other important role to play when it comes to the re-opening of Panguna mine, which is very crucial for the future economic recovery of Bougainville."

Discussions transpired and the general position on the re-opening was obvious and both ABG and the Executive Committee Members of PMCC fully supported and endorsed that Panguna mine must be re-opened.

He went on to emphasize what the President had earlier call for a “New Deal” for Panguna Landowners and the people of Bougainville saying that this is the message that Panguna landowners have been hearing from the majority of the people of Bougainville."

Mr. Lawrence Daveona; Secretary PLA / RMTL:

i) Give the blessing to the National Government to approve BCL’s application for the Extension of SML lease for further 21 years. In giving this blessing we should lay down some conditions that BCL and the National Government must abide by before this extension is gazette.

ii) That BCL must pay up-front say between K1 to K2 Billion as a conciliatory compensation payment. This amount is insignificant as the SML license will now be for 21 years and BCL will be able to recoup its monies within 3 to 5 years after commencement of operations.

The President of the European Shareholders of Bougainville Copper (ESBC), Mr. Axel G. Sturm, announced on Monday that he intends to double his investment in Bougainville Copper Limited (BCL) from 1 million to 2 million shares within the next weeks. Mr. Sturm who recently met BCL chairman Peter Taylor in London is extremely bullish in BOC shares as he found out that the Rio Tinto subsidiary BCL will not need to dilute the share price buy emitting new shares to shoulder the re-opening of the giant Panguna mine in Central Bougainville. The cost of this operation is estimated 3 billion US$. Furthermore: Mr. Sturm appreciates a lot that Bougainville Copper Limited is in contact with Rothschild Bankers. Rothschild’s are linked worldwide and well known for discreet brokerage in joint-ventures, mergers or buy-outs. “The involvement of Rothschild bankers in BCL may be a first evidence for serious Chinese interest in our company,” says Mr. Sturm, “I wouldn’t be surprised if Chinalco or any other huge Chinese company would soon make a bid on BCL. That makes sense as Chinalco already holds a stake of round about 10 percent in Rio Tinto.” Just recently a first-class delegation from China has visited the mine-site on Bougainville. Mr. Sturm estimates a realistic buy offer “not less than AUD 10 per share.” This could be an interesting deal for the Chinese as the fair value of Bougainville Copper shares are estimated AUD 30 to AUD 50 once the mine is in operation again.

The President of the European Shareholders of Bougainville Copper (ESBC) calls the actual sell-off of Bougainville Copper shares as ‘completely irrational and misleading’. Axel G. Sturm confirms his previous positive rating of AUD 3.00 (EUR 2,19) per share as an absolute realistic price. ‘The re-opening of the Panguna mine on the island of Bougainville (Papua New Guinea)’, says Sturm, ‘will become reality within the next 3 to 5 years as BCL Chairman Peter Taylor stated earlier this year. In so far investments in Bougainville Copper shares have to be considered as much more reliable than any investment in gold certificates”. Bougainville Copper shares have a fair value von AUD 30 to 50 once the mine is operational again (Source: ESBC Research).

The President of the European Shareholders of Bougainville Copper, Mr. Axel G. Sturm, is shocked: “It is unacceptable that mining companies dump their waste into the Ocean!” Mr. Sturm refers to reports that the Chinese owned Ramu Nickel mine in Papua New Guinea was allowed by court to dispose their waste into the ocean near Madang. “Fishing is one of the major resources for human nutrition”, says Mr. Sturm, “already intensive fishing and the warming of the sea affects the ecological balance worldwide. There is no need to kill the ocean by polluting it. China is an extreme rich country: It can afford to clean and recycle their waste without any problem!”

ESBC Vice President Corinna Pattijn und ESBC President Axel G. Sturm will meet Bougainville Copper Chairman Peter R. Taylor and Rio Tinto Copper experts on Monday, September 19th, 2011 at the Rio Tinto Headquarters in London. Axel G. Sturm expects a good in-depth discussion and a fruitful start into a more intensive cooperation with BCL and Rio Tinto in the future.

"Sir Michael Somare is old, he is obviously too old to rule a country in development" said ESBC President Axel G. Sturm last week-end in Andorra. Mr. Sturm refers to allegations Papua New Guinea’s Prime Minister made in an Australian TV network report that had been quoted by the popular Australian newspaper “The Age” yesterday. In this interview Somare accuses Rio Tinto of having caused the civil war in Bougainville.

“It is sad to see that Mr. Somare did not retire on the summit of his political career,” says Mr. Sturm, “he could have avoided to be sentenced for misconduct in office earlier this year (see: http://www.abc.net.au/correspondents/content/2011/s3174450.htm ). Furthermore: he perhaps wouldn’t have made such infamous statements as he did. I consider him as a poor, delirious old man who is more and more out of his mind.”

Under the leadership of Sir Michael Somare Papua New Guinea became one of the worst and most dangerous places to live in the world. His government is allegedly one of the most corrupt ones worldwide.

Sir Michael is also supposed to be behind the so called US Law Suit in California. Insiders allege strong personal financial interest of the Somare family in these activities. . In the US there are heavy penalties for any American company including law firms bribing people in other countries to secure business. The ESBC will ask for an audit by FBI or other agencies on the California law firm's accounts. The audit should check if any bribes were paid to Sir Michael Somare and any others in PNG. We understand there are severe penalties applicable. The case would automatically get thrown out if it was found some bribes were paid by the US law firm or its agents/associates.

Axel G. Sturm: “My own investigations on the ground in PNG gave no evidence at all that Rio Tinto or Bougainville Copper might have been involved - directly or indirectly - into the cruelties during the “Bougainville Crises”. In so far we strongly back the statement of Chairman Peter Taylor. We believe that Somare only wants to undermine ABG President Momis’ brave and successful politics that might help Bougainville to become independent from PNG in the near future.”

ESBC press release 20110516

Bougainville Copper Limited (ASX:BOC)

BCL Shareholders Confirm Targeted Price of AUD 30++ per Share

In 2008 the European Shareholders of Bougainville Copper (ESBC) faced sneering comments when ESBC President Axel G. Sturm predicted a share price of AUD 20 and more per share for Bougainville Copper securities (ASX:BOC). Today – three years later – a recently published analyzes established by the famous Australian-Indian BuySellSignals network (www.buysellsignals.net/) confirms Sturm’s statement. Better: It even predicts that BOC shares might soar up to AUD 50 once the giant Panguna mine will be operational again. Analyst Anil Bakaya based only on free available data on the world class Panguna deposit and the actual commodity prices for this stunning evaluation. The Panguna mine still remains closed due to unrest in the late 80s of last century. Since one year there are strong efforts on the ground to re-open the mine as soon as possible: “We are very confident that Bougainville President John Momis will be able to convince even doubtful Bougainvilleans that only mining can earn the huge amount of money that is desperately needed to rebuild infrastructure, excellent health services and free education for everyone on Bougainville”, says ESBC President Axel G. Sturm, “As a vast majority of Bougainvilleans is very peaceful, we are sure that the recent unrest in certain southern parts of the island will calm down as soon as these few criminal individuals who terrorize peace loving citizens will be arrested and brought to justice.” Press reports on violence and unlawful claims from some US and Solomon based extremists made international investors insecure and sell off BOC shares. Axel G. Sturm: “Share price predictions are rather difficult. Nevertheless Bougainville Copper shares still remain one of the most promising commodity opportunities worldwide. The ESBC double-checked all figures of Bakaya’s study. It seems quite reasonable to us. Even if the share price should not soar up to AUD 50, BOC securities are definitely a STRONG BUY!” BOC shares closed at AUD 1.295 on Friday 13th, 2011.

A free PDF version of the Bougainville Copper Fair Value Study can be downloaded here:

The European Shareholders of Bougainville Copper (ESBC) unanimously voted for Mrs. Corinna Pattijn as Vice President. Mrs. Pattijn business carrier as a bank executive started in London. Further steps were New York, Amsterdam and Singapore. Today Mrs. Pattijn lives as a private investor in Amsterdam and Cologne/Germany. She is a major shareholder of Bougainville Copper. “I know Corinna for many years now,” says ESBC President Axel G. Sturm, “she has an excellent knowledge of international banking and good contacts worldwide. I am sure the ESBC will benefit from her experience.”

The European Shareholders of Bougainville Copper (ESBC) are jointly the third biggest investor in Bougainville Copper Limited behind Rio Tinto and the State of Papua New Guinea. The company owns one of the world’s biggest deposits in Copper, Gold, Silver and Molybdenum.

The ESBC are proud to present a new study on the Fair Value of Bougainville Copper securities.

It has been established by Mr. Anil Bakaya, Pune/India, one of Bougainville Copper's major shareholders. Mr. Bakaya in an analyst who owns an investor service company providing daily up-dated business data worldwide.

ESBC press release 20110504

Me’ekamui and BRA finally unmasked !

Nearly ten years after the Bougainville Peace Agreement had been signed on August 30th, 2001 there is still no enduring peace on the remote Pacific island. Especially in the south of Bougainville, former combatants threaten, steal and kill under the flag of Me’ekamui. Self-appointed “commanders” and “generals” still terrorize innocent citizens. Round about 50 of them were even killed in South Bougainville within the last five years – amongst them: children who were playing on a football ground.

Neither the Autonomous Bougainville Government (ABG) nor the National Papua New Guinea Government seem to be able or willing to stop the violence committed by former freedom fighters especially in the Konnou area who turned into criminal gangs. The Panguna Me’ekamuis chose a softer way for earning their livelihood. Controlling the giant mine area they demand toll from all who want to access to the giant mineral resources. It is even probable that they are involved in ongoing illicit mining on the ground. An article published on May 3rd, 2011 by self-appointed Me’ekamui spokesman Clive Porabou on his homepage describes exactly what’s happening today in the abandoned BCL Panguna mine: Individuals are digging for gold – un-authorized. Please read Porabou’s articles here!

Fanatic Clive Porabou presenting as "Mr. Nice Guy"

on the Me'ekamui blog.

Not only that these diggers are using highly poisonous mercury to separate gold from the rock and empoisoning the environment; they steal herewith BCL’s and Bougainville’s wealth for their own interest. But the island’s mineral richness is supposed to bring prosperity to all Bougainvilleans. All this illegal mining happens more or less under protection of Me’ekamui – since many years! Panguna landowners keep mostly quiet. Obviously they are intimidated by the Me’ekamuis who still illegally carry weapons. This in spite the fact that disarmament of all Bougainvilleans had been accepted in the 2001 Bougainville Peace Agreement, the Me’ekamui did not hand over their weapons. Me’ekamui are not the only ones: Recently there had been several so called sorcery killings around Atamo (North of Panguna) and Arawa. Allegedly there were former BRA (Bougainville Revolutionary Army) members involved. They are also supposed to finance their criminal activities by alluvial mining.

Will he get help from abroad?

ABG President John Momis

As the police forces are un-armed in Bougainville, they are - of course - not able to enforce law and order on the island. Also President John Momis learnt this. If he wants to bring peace to Bougainville he needs to seek help from abroad.

Boss of a notorious killer gang: Damien Koike

It is unlikely that law and order can be installed on Bougainville without massive foreign support. This support might cost victims amongst the Me’ekamui – especially in the south where war-lord Damien Koike is responsible for many insidious killings. Fanatic Me’ekamui Clive Porabou even predicts even new “blood-shed” on his Me’ekamui Blog (http://mekamui.wordpress.com/) !

As the Panguna Me’ekamuis are taking profit of the mine’s richness, they also may defend their vital financial resource. Their leaders actually try to defend their interest in negotiations with the ABG. So far “General Uma” and his group are “moderate outlaws”. They even negotiate under the wise leadership of Mr. Philip Miriori with the ABG for more progress on the ground.

Me'ekamui "General" Chris Uma

But Me’ekamui spokesman Clive Porabou - mislead and remote-controlled by anarchic left-wing ecologist groups in London (UK) and Australia - still continues spreading lies and jealousy in the internet and on the ground. Never has he mentioned the outrageous cruelty of his Me’ekamui “brothers” in the south on his blog. “As long as the Panguna Me’ekamuis do not clearly oppose to Koike’s and other criminal gangs they have to be considered responsible for these criminal acts committed by this murderous riffraff as well,” says the President of the European Shareholders of Bougainville Copper (ESBC). Mr. Axel G. Sturm and adds: “Hopefully the latest Porabou text will open the eyes of many good willing and honest Bougainvilleans and dismantle the fake image of these groups! The ESBC always claimed that all moderate combatants get a good chance to work for our company one day. But we will never accept killers or terrorists in Panguna!”

On Tuesday, April 19th, 2011, the shareholders of Bougainville Copper Limited (BCL) will get together in Port Moresby’s Crown Plaza Hotel as every year. This year’s convention has to be considered as crucial for the future of the dormant Panguna mine in Central Bougainville. The huge copper, gold and silver mine (one of the biggest worldwide) had been shut down in 1989 due to local unrest that turned into the so called “Bougainville Crisis”.

Today, the mine is only one step away from re-opening. Since years BCL’s board of directors, the Autonomous Bougainville and the PNG Government, local landowners and shareholders are struggling for resuming mining on Bougainville. This could bring back prosperity to the remote Pacific island and pave the way for future independence.

The European Shareholders of Bougainville Copper (ESBC) who invested more than K60m in Bougainville, welcome the promising efforts of all stakeholders. The ESBC support the ongoing process amongst others by publishing all Bougainville related information on their homepage www.bougainville-copper.eu . “This site is a shining success worldwide!”, says ESBC President Axel G. Sturm, “Within the last three years round about 50,000 visitors kept informed on our homepage on the progress in Bougainville. We are proud that there is no better in-depth source on Bougainville in the world. We are also very pleased that the majority of Bougainvilleans understood that mining only is able to provide a better future for the young generation on the island.”

Rumours even say that ABG President Hon. John Momis might assist the Bougainville Copper Annual General Meeting this year. Mr. Momis left Bougainville on April 6th for a medical check-up in Port Moresby and will stay in PNG’s Capital until April 20th. Momis, since in office in June 2010, cautiously paves the way for resumption of mining on the island. Mining is still considered as a “sensitive issue” amongst some Bougainvilleans because left-wing groups from abroad try to push back Bougainville into the stone-age.

ESBC press release 20110313

Japan continues to support countries in development!

In an interview with BBC World News on Sunday, Mr. Noriyuki Shikata, the spokesman of Japan's Prime Minister Naoto Kan, confirms that there will not be any cancelation of Japanese support for countries in development as a consequence of the giant earthquake that struck Japan on last Friday.

Actually Japanese aid helps Bougainville to improve the island's infrastructure by building bridges between Buka and Arawa.

The European Shareholders of Bougainville Copper (ESBC) welcome the promise of the Japanese government: "We ask all Bougainvilleans to be grateful for the Japanese's generosity and not to impede their work by committing criminal acts like stealing cars or any other aggression as in the past."

The European Shareholders of Bougainville Copper (ESBC)info@bougainville-copper.eu